The next leg of the planned economic collapse has now been launched with the stock market once again plunging as the Federal Reserve prepares to launch QE3, and it’s all part of the transfer of wealth from America to the offshore elite that we have been warning about for years.

As we highlighted over two years ago[1], shortly before Barack Obama declared the recession to be over and the stock market was artificially inflated once more, we warned that the next phase of the financial pillaging would bring about a “sucker’s rally,” with investors believing the hype about a non-existent “recovery” and ploughing all their money back into the system, only to see the rug pulled out from under their feet for a second time.

That forecast is now coming to fruition as the Dow loses over 300 points today to add to the massive downturn last week.

The effort by central banks globally to flood the system with cheap money never did anything to address the underlying problem of toxic debt and merely set the economy up for a greater implosion.

But the people who warned about the consequences of artificially inflating the financial system and have been proven correct are now being blamed for its downfall.

“I believe this is, without question, the tea party downgrade,” Sen. John F. Kerry, Massachusetts Democrat, said on NBC’s “Meet the Press” yesterday. Former senior Obama advisor David Axelrod used the exact same phrase in blaming opponents of tax hikes for the debt downgrade.

However, the debt ceiling debate was nothing more than a complete distraction from the real cause of America’s economic crisis.

A d v e r t i s e m e n t

The so-called “cuts” enshrined in the debt deal aren’t even cuts.

Talking points based around the notion that the “Tea Party won the debt battle” are a complete misnomer. All the bill does is put spending caps on already planned expenditures towards the end of a ten year period. The “spending cuts” are virtually non-existent[3], yet a further crippling $9.5 trillion will be added in debt over the next decade.

The overriding purpose of the debate over the debt ceiling was to establish an unconstitutional Super Congress that as Ron Paul warns today[4], “may turn into an early Christmas present for the well-heeled lobbyists of K Street.”

The real cause of the imminent double-dip recession is the U.S. government’s insistence on bailing out the “too big to fail” financial institutions and allowing the real economy to rot from within. But the system is now busy trying to distract people from the true culprits of this financial terrorism by blaming those who were aware of it all along.

The cost of the banker bailouts in all their forms – the majority of which have enriched the coffers of foreign banks – totaled almost $24 trillion dollars – and that was at the last measurement over two years ago[5]. That figure represents nearly double the entire U.S. deficit figure of $14.7 trillion.

The Federal Reserve refuses to even disclose[6] where most of the money went. So while the establishment itself loots $24 trillion dollars, money that could have been injected back into the real economy, those who complained about such actions are now being scapegoated as responsible for the collapse.

The global stock market plunge will precipitate what the Federal Reserve and Ben Bernanke were planning all along – QE3 – which could represent a terminal blow for the already stricken U.S. dollar. Helicopter Ben will flood the money supply with more fake greenbacks, the artificially inflated stock market will briefly rally once more, and all the suckers will plough all their money back in only to get burned again later down the line.

Meanwhile, the genuine barometers of economic health – jobs, housing, the credibility of the dollar as the world reserve currency, the money supply, and food stamp usage, will continue to point to the fact that America’s decline and fall as a financial powerhouse is being deliberately engineered by a financial elite that sees the United States as the next Greece, Argentina or Ireland – a once prosperous nation that has been fattened for the kill.

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Paul Joseph Watson is the editor and writer for Prison Planet.com[7]. He is the author of Order Out Of Chaos. Watson is also a regular fill-in host for The Alex Jones Show.